Credit Card Debt Repayment - How to Get a Lower Monthly Payment and Eliminate Debt

Credit Card Debt Repayment - How to Get a Lower Monthly Payment and Eliminate Debt

If you are struggling with huge amount of debt and making even the minimum payment towards your account is difficult then it is time to use all possible means to get your financial life under your control. This article aims at giving tips on how to eliminate credit card debt.

1. Knowing the amount of your debt is important. Hence collect all your credit card statements and note down all the total debt balance, payment due date and the annual percentage rate (APR) of each debt.

2. Try to pay off the debt with the highest APR. Once that is paid off the remaining amount is used to pay off other debts.

3. Consolidate your credit card debts into one and take out another loan to pay off these loans. This is done because the credit cards have a very high rate of interest, hence taking a new loan with a lower rate of interest will help you same money and reduce your monthly payments. Debtors consolidate their loans into one in order to get a reduced interest rate of a fixed interest rate or just for the ease of serving only one loan instead of many.

4. If your payment history has been good then you might try and negotiate a reduced interest rate with your creditors. A good negotiation can get you 2% to 3% reduction in the interest rate.

5. Settlement of debt is also a good option for debtors who are close to bankruptcy. The debtor can reduce the debt amount by negotiating with his creditors. The creditors agree to this in exchange of certain amount of down payment. The down payment can be paid in one go or in instalments.

Debt settlement is a legitimate alternative to filing bankruptcy. If consumers are experiencing a financial hardship and have at least $10k in unsecured debt then debt settlement can be a legitimate way to eliminate up to 70% of that balance.

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